In June 2011 and December 2011 the pass rates for Level I were
39% and 38%, respectively.

The pass rates for Level II test-takers in those same months in
2011 were 43% and 47%.

Since 1963, the average pass rate for any of the levels is 47%
[.PDF].

The CFA (Chartered Financial Analyst), which consists of three
separate levels, is considered the most difficult test taken by
Wall Streeters.

That's because fewer than 20% of
candidates pass all three tests on the first try and it
takes the average CFA candidate four years to complete the entire
program. Each level takes a solid six months to prepare
for.

The CFA Institute said it will send out individual results
sometime after 9 a.m. EST today. Those who took the Level
III will have to wait until August 7th.